Oman apartment prices most affordable in GCC

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Oman apartmentAccording to the Cost of Living GCC Report 2013-2014 (CLR) published by India-based research firm Bharat Book Bureau, owning an apartment is lot less expensive in Oman than in neighbouring countries of the Gulf Cooperation Council (GCC), the Times of Oman reported.

For instance, a studio apartment in Oman in the GCC freehold market costs from $78,000 to $249,600, while the same is priced between $78,300 and $729,000 in Saudi Arabia, the report said. In the United Arab Emirates, the cost of a studio apartment is listed between $54,000 and $675,000, in Qatar between $153,252 and $324,000, in Kuwait between $105,900 and $282,400  while in Bahrain the studio apartment can be bought from $95,400 to $185,500, according to the recently released report.

Reacting to the survey, Ismail Kamel, chief operating officer at Oman’s ERA Real Estate, noted that making a comparison between the real estate of Oman and the GCC market might not be considered fair, as the GCC is made up of six countries with different political climates, demographics, economies of scale, and trading regulations, along with the differing tourist markets in each country.

“These factors play a vital role in each country and determine the property value, which reflects on the trading that takes place in the real estate market. Better climate,  simpler investment procedures for foreign investors, good returns and a regulated real estate market have overall impact on the realty sector,” said Kamel.

“Oman, in comparison with the GCC neighbours, has been able to maintain a good, balanced equation of managing its resources and setting its priorities right for the past several years, which has created a safe environment for both local and foreign investors. This has, to an extent, encouraged a lot of people to actively participate in the real estate market and enjoy long-term stable returns. As for the price of properties, Oman is considered the lowest, in comparison to Dubai or Qatar. Prices of any property are primarily determined by the quality and amenities provided in individual developments,” Kamel said.

The real estate market is quite different, for those seeking to own a villa in Oman. According to the Cost of Living GCC Report 2013-2014 (CLR) report, owning a three-bedroom villa in Muscat will cost between $429,000 and $910,000. In Manama, however, it would cost between $463,750 and $874,500, while in Kuwait City it is $345,950 to $847,200. In Doha that villa costs from $540,000 to $1,080,000, in Riyadh it is $170,100 to $702,000, and in Abu Dhabi it costs between $209,250 and $1,377,000, the report added.

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Reading Time: 2 minutes

According to the Cost of Living GCC Report 2013-2014 (CLR) published by India-based research firm Bharat Book Bureau, owning an apartment is lot less expensive in Oman than in neighbouring countries of the Gulf Cooperation Council (GCC), the Times of Oman reported.

Reading Time: 2 minutes

Oman apartmentAccording to the Cost of Living GCC Report 2013-2014 (CLR) published by India-based research firm Bharat Book Bureau, owning an apartment is lot less expensive in Oman than in neighbouring countries of the Gulf Cooperation Council (GCC), the Times of Oman reported.

For instance, a studio apartment in Oman in the GCC freehold market costs from $78,000 to $249,600, while the same is priced between $78,300 and $729,000 in Saudi Arabia, the report said. In the United Arab Emirates, the cost of a studio apartment is listed between $54,000 and $675,000, in Qatar between $153,252 and $324,000, in Kuwait between $105,900 and $282,400  while in Bahrain the studio apartment can be bought from $95,400 to $185,500, according to the recently released report.

Reacting to the survey, Ismail Kamel, chief operating officer at Oman’s ERA Real Estate, noted that making a comparison between the real estate of Oman and the GCC market might not be considered fair, as the GCC is made up of six countries with different political climates, demographics, economies of scale, and trading regulations, along with the differing tourist markets in each country.

“These factors play a vital role in each country and determine the property value, which reflects on the trading that takes place in the real estate market. Better climate,  simpler investment procedures for foreign investors, good returns and a regulated real estate market have overall impact on the realty sector,” said Kamel.

“Oman, in comparison with the GCC neighbours, has been able to maintain a good, balanced equation of managing its resources and setting its priorities right for the past several years, which has created a safe environment for both local and foreign investors. This has, to an extent, encouraged a lot of people to actively participate in the real estate market and enjoy long-term stable returns. As for the price of properties, Oman is considered the lowest, in comparison to Dubai or Qatar. Prices of any property are primarily determined by the quality and amenities provided in individual developments,” Kamel said.

The real estate market is quite different, for those seeking to own a villa in Oman. According to the Cost of Living GCC Report 2013-2014 (CLR) report, owning a three-bedroom villa in Muscat will cost between $429,000 and $910,000. In Manama, however, it would cost between $463,750 and $874,500, while in Kuwait City it is $345,950 to $847,200. In Doha that villa costs from $540,000 to $1,080,000, in Riyadh it is $170,100 to $702,000, and in Abu Dhabi it costs between $209,250 and $1,377,000, the report added.

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